Ontario Teachers Pension Plan Board Buys New Shares in TC Energy Co. (NYSE:TRP)

Ontario Teachers Pension Plan Board purchased a new stake in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,877 shares of the pipeline company's stock, valued at approximately $1,373,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRP. Murchinson Ltd. acquired a new stake in TC Energy during the 1st quarter worth $506,485,000. Canada Pension Plan Investment Board lifted its holdings in shares of TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company's stock valued at $737,609,000 after purchasing an additional 10,065,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of TC Energy by 156.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company's stock valued at $321,778,000 after purchasing an additional 4,126,801 shares during the period. Merewether Investment Management LP purchased a new position in TC Energy during the 2nd quarter worth approximately $112,618,000. Finally, Cardinal Capital Management Inc. increased its position in TC Energy by 101.4% during the second quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company's stock worth $192,024,000 after buying an additional 2,551,926 shares during the period. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Price Performance

Shares of TRP traded up $0.83 during mid-day trading on Thursday, hitting $50.04. The company's stock had a trading volume of 342,971 shares, compared to its average volume of 3,060,228. The firm has a 50-day simple moving average of $47.07 and a 200 day simple moving average of $43.05. The firm has a market capitalization of $51.93 billion, a P/E ratio of 13.63, a P/E/G ratio of 4.19 and a beta of 0.81. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. TC Energy Co. has a 1-year low of $31.83 and a 1-year high of $50.22.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.06. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. Analysts predict that TC Energy Co. will post 2.98 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.57%. This is a boost from TC Energy's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy's dividend payout ratio (DPR) is 78.95%.

Analyst Upgrades and Downgrades

TRP has been the subject of several research analyst reports. UBS Group raised TC Energy from a "neutral" rating to a "buy" rating in a report on Monday, September 30th. JPMorgan Chase & Co. raised shares of TC Energy from a "neutral" rating to an "overweight" rating in a research report on Monday, October 14th. StockNews.com assumed coverage on shares of TC Energy in a report on Monday. They issued a "hold" rating for the company. BMO Capital Markets raised their price target on TC Energy from $66.00 to $70.00 and gave the stock a "market perform" rating in a report on Wednesday. Finally, The Goldman Sachs Group increased their price objective on TC Energy from $38.00 to $42.00 and gave the stock a "sell" rating in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $55.67.

TC Energy Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.